The Rapid Expansion of Intra-BRICS Trade
Intra-BRICS merchandise trade has expanded thirteen-fold over the last two decades, climbing from $84 billion in 2003 to an impressive $1.17 trillion in 2024. Commerce Secretary Rajesh Agrawal announced these figures during the second meeting of the BRICS Contact Group on Trade and Economic Issues (CGETI) in Gandhinagar, highlighting the bloc’s growing influence on the global economic stage.
Contextualizing the Economic Shift
The BRICS grouping—comprising Brazil, Russia, India, China, and South Africa, along with newer members—has increasingly positioned itself as a primary voice for emerging markets. This growth trajectory arrives against a backdrop of rising protectionism, geopolitical volatility, and frequent supply chain disruptions that have hampered traditional global trade routes.
By fostering internal cooperation, the bloc has successfully outpaced the growth rate of global trade overall. This shift has provided member nations with greater economic resilience and a necessary buffer against external market shocks.
Strategic Focus on Cooperation and Innovation
The CGETI meeting, held under the theme of
